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Nasdaq and Cboe, two leading exchanges, are actively advancing their efforts to obtain spot Bitcoin ETFs. Nasdaq has recently submitted a refiled 19b-4 form for the iShares Bitcoin Trust, spearheaded by BlackRock. This submission includes intentions for a surveillance-sharing agreement with Coinbase.
Nasdaq’s refiled application follows similar initiatives from the Cboe exchange last week, as both platforms aim for regulatory endorsement. In light of the U.S. Securities and Exchange Commission (SEC) expressing concerns about the clarity and thoroughness of recent applications by BlackRock and Fidelity for spot Bitcoin ETFs, Nasdaq and Cboe are implementing strategies to address these issues and enhance market surveillance.
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Nasdaq’s refiled 19b-4 form details its plan to create a bilateral surveillance-sharing agreement, the Spot BTC SSA, between Nasdaq and Coinbase. This arrangement is intended to augment Nasdaq’s current market surveillance framework. The filing indicates that the exchange expects to finalize a “definitive agreement” with Coinbase prior to the start of trading, reflecting a dedication to improving oversight and tackling regulatory issues.
The SEC’s cautious stance on spot Bitcoin ETFs is rooted in ongoing concerns about fraud and market manipulation. In reaction to the SEC’s input, Cboe promptly revised its filings for distinct spot Bitcoin ETF proposals, including one from Fidelity, and added language that outlines its intention to form surveillance-sharing agreements with Coinbase. Nasdaq’s original proposal for the BlackRock fund was submitted the previous month.
The collaboration between Nasdaq, Cboe, and Coinbase represents a notable advancement toward the establishment of spot Bitcoin ETFs. These partnerships illustrate a commitment to enhancing market surveillance and addressing regulatory challenges, bringing digital asset investment opportunities closer to realization.
The post Nasdaq and Cboe Take Steps Toward Spot Bitcoin ETFs, Partnering with Coinbase for Enhanced Surveillance appeared first on BitcoinWorld.
